65% of Ernst & Young interns think they will become millionaires

August 28 2001 - A survey of 900 college and university students from 22 countries conducted at the Ernst & Young International Leadership Conference in August 2001 found that students remain optimistic despite the downturn in the economy. About 10% were from Canada. In fact, 65% of these Ernst & Young interns said that they planned to become millionaires - many by the age of 40. This compares with 75% last year when the dot.com economy was still booming.

The survey focused on a number of other issues. For example, there were strong opinions about society, money and investing. 50% of the students chose long-term conservative stock and mutual fund investments for their main method of saving for the future. Just 15% intended to rely on a company retirement pension plan.

Other findings included:

- 74% expected to be better off than their parents in terms of income and quality of life over their lifetime.

- 47% planned to retire in their 50s. Just 26% intended to retire in their 60s.

- 50% thought that flexibility in planning a career around major life events was the most important element for achieving a good balance between a career and personal life.

- 34% said career development would be their priority over the next 3 years. Balancing personal life and career would be a priority for 32% of respondents.

- 50% said that intellectual stimulation and learning, as well as a sense of social contact and camaraderie, would make them want to go to work if they were independently wealthy and didn't have to work. A mere 3% pointed to achieving fame or celebrity as a motivation to work.

"Confidence in their ability to succeed and a determination to maintain a healthy work-life balance distinguish the young people entering the workforce today," said Fraser Whale, National Director of Recruitment, Ernst & Young. "As keen as they are to excel on the job, they also want to manage their workloads so they can spend quality time with their families and friends." In fact, 43% of these placement students regarded family and friends as being of crucial importance in managing their personal and working lives.

But one should ask the question: how typical are Ernst & Young interns of the general student population?